TOMAS CHLOPCIK AUTOMOTIVE INDUSTRY IN THE VISEGRAD GROUP

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1 DOI: /BMC TOMAS CHLOPCIK University of West Bohemia, AUTOMOTIVE INDUSTRY IN THE VISEGRAD GROUP Abstract: The article is focused on the current situation of automotive industry in the Visegrad Group. The main goal of the article is to analyze the current situation and define the major aspects of automotive industry in V4 countries. The main sources for the article are secondary data gained from publicly available databases. Analyses rely on basic macroeconomic indicators of V4 countries in comparison with German economy as the main leader of automotive industry in Europe. In the comparison of national s automotive industries are used following indicators: GDP, GDP per capita, unemployment rate, GVA and turnover of automotive industry, Capital Expenditures and vehicles production. All the informations were acquired from well-known and recognized national, European and other international institutions. The result of the analysis is a compact view of automotive industry s significance in V4 countries, which is according to initial assumption very high. One of the partial outcomes of the analysis is also a finding proving lack of relevance of some indicators frequently used as a sole scale for automotive industry importance. This have been proven especially on the absolute number of produced vehicles, which doesn t have to describe the capability of national automotive industry in a relevant way. The article also contains recommendations for further research in this field. Keywords: automotive, cars production,,, macroeconomics, market analysis,,, Visegrad JEL Classification: M16, M31 1

2 Introduction V4, better said the Visegrád Group or the Visegrád Four, is a cultural and political alliance of four European countries the,, and. The Visegrád Group was formed on 15 February 1991 at a meeting of the President of the oslovak, Václav Havel, the President of the of, Lech Wałęsa, and the Prime Minister of the of, József Antall. This high-level meeting in the city of Visegrád,, created an imaginary historical arch linking the idea of this meeting to the idea of a similar meeting, which took place there in 1335 and was attended by John of Luxembourg, King of Bohemia, Charles I of Anjou (Charles Robert), King of, and Casimir III, King of. The central motif of the meeting was the desire to intensify mutual cooperation and friendship among these Central European states. 656 years later the alliance was rebuilt showing its importance not only in the process of communism collapse and following restoration of democracy in Visegrád Group members. These countries have in common not only its geographical position and political cooperation and partnership, but also other national aspects. The article is focused on the Automotive industry which is often marked to be a growth engine of national economies of the Visegrád Group countries. In absolute numbers the car production in these countries have risen up to be at the peak of European Automotive industry with approximately one fifth of the European car production. Also in relative numbers countries within the Visegrád Group keep up and in some of the statistics even lead the Worldwide Automotive industry. In case of car production per capita and the are the leaders not only in the Europe, but also in the World. Thus undisputable significance of the Automotive industry in the V4 countries and the relevance of its further analyses and understanding. 1 Objectives and research methodology The main objectiv of the article is to describe current situation of the automotive industry in the Visegrád Group countries and to determine the importance of automotive industry in terms of economical perspective. The main method used in the article is desk research and retrospective analysis of secondary data available from well-known and reliable sources. The Author by using this basic research method clarifies the relevance of the automotive industry in the V4 countries while using an example of German economy as a traditional leader of European automotive industry to be a benchmark for the analyses. 2 Economies of the V4 countries As said in the introduction of the article, the Automotive industry is often cosidered to be a growth engine of national economies in the Visegrád Group and especially in the and. For better understading of the context and significance of the countries within the Visegrád Group, is important to first examine mentioned economies and put them into context of European scale. For this comparison the economy of Germany is used, which is traditionaly recognized as a leader of European Automotive industry. 2

3 2.1 GDP of the V4 countries Gross Domestic Product (GDP) is basic measure of the national economies. Its lack is in insufficient relevance of the information in terms of the level of the economy and therefore this measure should not be used as a sole scale. Hence, the author rather uses induced measure of GDP per capita. For the comparison of the Visegrád Group countries the author also shows data about GDP per capita of Germany. Germany itself is not only the leader of European Automotive industry, but is also considered to be one of the most advanced economies in Europe. The Table 1 below displays a development of GDP and GDP per capita of the Visegrád Group countries in comparison with Germany. Table 1 GDP and GDP per capita of the Visegrád Group countries and Germany [EUR]. Country Measure HDP 167 bn 169 bn 168 bn 167 bn 172 bn 181 bn 186 bn 194 bn bn bn bn bn bn bn bn bn HDP / obyv HDP 106 bn 108 bn 106 bn 109 bn 113 bn 117 bn 119 bn 124 bn HDP / obyv HDP 379 bn 398 bn 405 bn 410 bn 423 bn 439 bn 452 bn 472 bn HDP / obyv HDP 71 bn 73 bn 75 bn 76 bn 78 bn 81 bn 83 bn 86 bn HDP / obyv. HDP Germany HDP / obyv. Source: IHS.com, The level of the Visegrád Group countries is noticeable from the table above. Considering GDP per capita as a benchmark for the comparison, the order of countries is following: the,, and. has the highest absolute value of GDP, but while looking at the level of the economy shown by GDP per capita is the country with the lowest GDP per capita ratio among all the observed countries and all the years taken into account. It is also obvious that all the Visegrád Group members together with German economy have been in the growth phase since Unemployment rate of V4 countries Important measure, which is used by the author in following analysis is the unemployment rate. The unemployment rate in particular countries together with the measure of GDP creates a basic overview about the current situation of chosen economies and their potential. Comparing two traditionally most similar countries among this selection, the and, we can assume a future potential of these countries. in this comparison has more than 3 times higher unemployment rate, which represents relatively higher reserve of the labour. Hence, we can assume the economy is farther from from its potential output and possibly also from the overheating state of the economy, unlike in the. The analysis of labour and its ability to work is extremly important for further growth not only in terms of the Automotive industry. 3

4 Figure 1: Unemployment rate of V4 countries and Germany. Source: Eurostat, Table 2: Unemployment rate of V4 countries and Germany. Country % 6.6% 7.1% 6.7% 5.8% 4.5% 3.5% 2.3% Germany 6.5% 5.5% 5.3% 5.1% 4.9% 4.4% 3.9% 3.6% 11.1% 11.1% 10.8% 8.7% 7.4% 6.2% 4.3% 3.9% 9.5% 9.9% 10.4% 10.0% 8.2% 6.9% 5.5% 4.4% 13.8% 13.9% 14.4% % 10.7% 8.9% 7.4% Source: Eurostat, The figure above displays decreasing unemployment rate in all observed countries. The V4 countries experience relatively higher decrease in unemployment rate than in case of Germany. The author believes that reason for this effect is especially lower salary, thus cheaper labour in these countries. Considering also geographical proximity and all of the mentioned countries are members of European Common Market in which guarantees the free movement of goods, capital, services and labour, we can assume that the production tend to move to a country with lower total costs. 3 Automotive industry of V4 countries The Automotive industry is important part of the V4 countries. Accroding to the statistics of European Automobile Manufacturers Association (ACEA) in 2017 there were totally 230 production plants for vehicles or engine manufacturing in Europe. From these 230 production plants 33 are located in the V4 countries (comparing with German 41). accounts for almost half of these facilities (16). It should be noted that only 2 of these 16 facilities are directly producing passenger cars, which corresponds with lesser number of final passenger cars production. is currently more focused at the production of light and heavy commercial 4

5 vehicles (4 production plants), buses (5 production plants) a in 5 cases engine production. In case of other countries of the Visegrád Group the production is more focused on passenger cars. All the four Slovak sites produce passenger cars., except for one factory for electric buses, is also fully focused on passenger cars or engines and the leads the statistics of passenger cars production. Further information about mentioned production plants is found in Appendix A. 3.1 GVA of the Automotive industry in V4 countries To explain the significance of the Automotive industry for particular economy is suitable to use the measure of Gross Value Added (GVA), which is essential for calculation of GDP by output method. GVA is computed from the value of final production reduced by intermediate consumption, adding VAT and deduction of subsidies leads to GDP by output method. The author compares GVA created directly by the automotive industry. Automotive industry broader impact while counting GDP, but the exact number can not be precisely quantified due to connections to other industries in case of the the following impact on total GVA is another approximately 3%. In these directly or indirectly connected industries are included all the different areas from primary to quinary sectors. Directly connected industries are for example production of tyres, drives, electric motors, generators, air conditionings and other components of vehicles. Other directly of indirectly connected industries are especially sales and repair activities of vehicles, financial services, fuel trade, transportation, infrastructure, but also education or healthcare. Figure 2: Share of the automotive industry on total GVA. Source: Eurostat,

6 Table 3: Share of the automotive industry on total GVA [EUR] Country Measure GVA aut. ind. % of total GVA GVA aut. ind bn 6.59 bn 6.26 bn 6.13 bn 7.09 bn 7.84 bn 8.87 bn 4.20% 4.45% 4.31% 4.34% 5.00% 5.17% 5.58% 2.97 bn 2.92 bn 2.64 bn 3.36 bn 3.82 bn 4.60 bn 5.01 bn 3.55% 3.39% 3.15% 3.91% 4.28% 4.95% 5.21% bn bn bn bn bn bn 3.64% 3.99% 4.00% 3.99% 4.37% 4.52% 4.01 bn 4.95 bn 5.13 bn 5.36 bn 5.78 bn 6.40 bn 1.26% 1.48% 1.49% 1.53% 1.59% 1.68% 1.93 bn 2.32 bn 2.32 bn 2.42 bn 2.83 bn 2.94 bn 3.16 bn 3.14% 3.63% 3.50% 3.58% 4.11% 4.13% 4.30% % of total GVA GVA aut. ind. n/a Germany % of total GVA GVA aut. ind. n/a % of total GVA GVA aut. ind. % of total GVA Source: Eurostat, The data show an increase of significance of the automotive industry in terms of all the mentioned countries. The highest relative increase of the share of the automotive industry on total GVA in 2016 experienced the, which experienced also high increase of passenger cars. This trend currently continues not only in the where the growths are the most remarkable. 3.2 Turnover of the automotive industry in V4 countries Taking into account manufacturing of motor vehicles, parts and accessories as well as trade and repair services related to cars and car parts, the Polish automotive industry is among the largest in Central and Eastern Europe. According to the most recent data available from Eurostat, in 2015, the turnover of automotive manufacturing companies in amounted to EUR 32.1 billion. EUR 36.2 billion of turnover was generated by companies involved in the trade and repair related to cars, car parts and accessories. According to Eurostat data, in both areas of the Polish automotive industry almost 417,000 people were employed in 2015, 59% of which (260,400) in trade and services, and 41% (178,300) in manufacturing. Enterprise data cited above (as well as further in the study, unless specified otherwise) relates to the automotive industry in the strict sense. In case of automotive manufacturing, it does not cover tyres, glass and batteries manufacturers as well as some tier II and III suppliers, classified as part of other sectors of industry. Meanwhile automotive trade and services do not include CFM, leasing, automotive banks or car rental. For the sake of comparison, in the the turnover of automotive manufacturing companies was larger than in (EUR 36,0 billion); however, due to the smaller internal market (although much more developed when analysed per capita), sales and repair generated a considerably lower turnover than in (EUR 15.1 billion). Total employment in the automotive industry in the was 243,800 out of which 59,700 worked in manufacturing and 84,100 in trade and services. Taking into account the number of manufactured motor vehicles, remains on the third place among the Central and Eastern 6

7 Europe countries. In 2016, Polish manufacturers produced 554,600. It means that the production of passenger cars grew for the second year in a row. At the same the production of commercial vehicles also increased, reaching 127,237 (according to OICA methodology). In the, the CEE leader in vehicle manufacturing, motor vehicles output reached 1,349,900, the vast majority of which were passenger cars. Production volume, constituting solely passenger cars, significantly increased in, to 1,040,000 units in It s worth mentioning that is a significant manufacturer of commercial vehicles not only compared to CEE, but also to Europe in general. Although Spain, France, Germany, Italy and Russia can boast of a larger output of commercial vehicles, these are countries with a larger automotive manufacturing industry and significantly larger internal markets. s position in this respect will be further strengthened after 2017, i.e. after the new Volkswagen plant in Września will become fully operational. The second along with vehicles production key segment of the Polish automotive manufacturing industry is the production of automotive parts and accessories. The situation in this category is more stable, with output constantly growing due to investment and reinvestment projects. However, taking into consideration the full range of automotive components (i.e. including tyres, glass, batteries, engines as well as electric equipment and mechanical parts of combustion engines), lost its position of the regional leader in the recent years, held now by the. Figure 3: Turnover of automotive companies in V4 countries in 2015 [bn. EUR] Source: Pzpm.org.pl, Employees of the automotive industry in V4 countries The automotive industry is important employer in all mentioned national economies. According to ACEA more than 12.5 milion european workers are employed directly or indirectly in the automotive industry, which represents approximately 5,7% of total employees in European Union. These numbers are showing not only increasing dependency on the automotive industry in terms of economic growth and employment policy, but also increasing share of investments to 7

8 infrastructure, innovations and overall higher living standard. Labour is in this way crucial, especially in current situation of cheap capital. Although labour can be replaced by capital, for example by increasing automation, but only until a certain degree and for proper functioning it is necessary to include at least a minimum level of labour. Figure 4: Share of direct employees of the automotive industry in economically active population in Source: ACEA, Table 4: Count of direct employees in the automotive industry [thousand employees]. Country Germany n/a n/a Source: Eurostat, Among the V4 countries the most people employed in the automotive industry are in. In relative numbers (see Figure 4) the highest share of economically active population is in the. automotive industry in this perspective holds primacy in entire European Union and compared to has more than 3 times higher share. The data shows higher dependency of the labour policy of s and Slovaks on the automotive industry. Also Hungarian automotive industry is nearly two times higher than EU average. 3.4 Capital expenditures of the automotive industry in V4 countries Another measure which is used in this article are Capital Expenditures. Capital Expenditures represent outcomes with a lifetime longer than one year. The lifetime of at least one year itself could be considered as the first sign of planned future in this area. This is reasonable even in case of maintenance investments, which represent at least another year of a lifetime. 8

9 Figure 5: Share of capital expenditures of the automotive industry in total capital expenditures. Source: Eurostat, Table 5: Capital expenditures in V4 countries and Germany [EUR] Country Measure CapEx aut. ind. % of total CapEx CapEx aut. ind bn 1.07 bn 1.07 bn 1.06 bn 1.24 bn 1.43 bn 1.53 bn 1.62 bn 1.74% 3.24% 3.36% 3.40% 3.81% 4.00% 4.38% 4.43% 14.1 bn 15.9 bn 15.7 bn 15.0 bn 16.4 bn 16.6 bn 17.2 bn 16.8 bn 2.70% 2.84% 2.81% 2.71% 2.85% 2.86% 2.89% 2.69% 0.58 bn 0.64 bn 0.66 bn 0.85 bn 1.05 bn 1.21 bn 0.98 bn 0.86 bn 3.35% 3.72% 3.98% 4.62% 5.22% 5.92% 5.64% 3.88% 1.31 bn 1.48 bn 1.42 bn 1.42 bn 1.58 bn 1.91 bn 1.79 bn 1.82 bn 2.03% 2.12% 2.03% 2.07% 2.09% 2.36% 2.41% 2.38% 0.75 bn 1.01 bn 1.08 bn 1.11 bn 1.20 bn 1.44 bn 1.35 bn 1.42 bn 5.23% 6.26% 7.35% 7.63% 8.01% 8.03% 8.16% 8.34% Germany % of total CapEx CapEx aut. ind. % of total CapEx CapEx aut. ind. % of total CapEx CapEx aut. ind. % of total CapEx Source: Eurostat, The data shows that apart from all the V4 countries capital expenditures grow in the last year. In case of the and capital expenditures rised multiple times between 2010 and In the the increase caused almost three times higher number than in In capital expenditures of the automotive industry even exceeded 8% of total capital expenditures of this economy. 3.5 Production of vehicles in V4 countries Among the V4 countries the automotive industry clearly dominates the statistics of production of vehicles. The worst in this perspective is. However, the automotive industry in is not entirely focused on the most volume-producing part of the industry, passenger cars. Comparing the production of vehicles per 1000 inhabitants, and the are the top countries not only in Europe, but also in the World. is even more than 2 times better in this statistics than automotive icon, Germany. 9

10 Figure 6: Production of vehicles per 1000 inhabitants in V4 countries and Germany. Source: IHS.com a OICA.net, Table 6: Production of vehicles statistics in V4 countries and Germany. Země Ukazatel Production per 1000 ppl Total production Production per 1000 ppl mil 1.2 mil 1.2 mil 1.1 mil 1.3 mil 1.2 mil 1.3 mil mil 6.1 mil 5.6 mil 5.7 mil 5.9 mil 6.0 mil 6.1 mil mil 0.2 mil 0.2 mil 0.3 mil 0.4 mil 0.5 mil 0.5 mil mil 0.8 mil 0.7 mil 0.6 mil 0.6 mil 0.7 mil 0.7 mil mil 0.6 mil 0.9 mil 1.0 mil 1.0 mil 1.0 mil 1.0 mil Germany Total production Production per 1000 ppl Total production Production per 1000 ppl Total production Production per 1000 ppl Total production Source: IHS.com and OICA.net, Supply chain of automotive industry in V4 countries Central Europe cover key position due to its strategic position regarding availability to other parts of Europe. In case of the V4 countries it is precisely this fact together with the tradition, highquality employess and relatively lower costs, which determine the countries within the V4 group to be strategic partner of European automotive industry. This fact is apparent also from the following figure of the exports. Figure 7 includes components, parts and accessories such as tyres, glass, batteries, engines, electric equipment and mechanical parts of combustion engines. These items are usually delivered to the production plants in Germany, which is traditionally the leader of the automotive industry in Europe. 10

11 Figure 7: Exports of components, parts and accessories [bn. EUR] Source: Pzpm.org.pl, Thanks to long industrial tradition and ability to compete at the global level, the has one of the highest concentration of automotive production and research and development worldwide. According to the official statistics for vehicles were produced per 1000 inhabitants in the, which classifies this country to be one of the world leaders in this perspective mil. vehicles produced in 2016 represents 5th place in European vehicles production for the. automotive industry employs more than 150 thousand people, creates over 20% of industrial output and also over 20% of export. In the there is more than half of the TOP 100 global Tier 1 suppliers for the automotive industry, which underlines the importance and high quality of automotive industry. Following figure displays map of automotive industry. The highest concentration of the automotive industsry is situated to the northern part of the country. In the north there are 3 out of 4 factories for production of passenger cars with the total capacity of approx. 1 mil. vehicles a year Škoda in Mladá Boleslav and Kvasiny and TPCAjoint-venture of Toyota, Peugeot, Citroën in Kolín. Remaining factory is located in eastern part near the city of Frýdek-Místek with the capacity of 300 thousand passenger cars. 11

12 Figure 8: Supply-chain map of automotive industry. Source: invest.org, The automotive industry is also in very important with the share of approximately 14% of industrial production and 22% of total export. Hungarian automotive industry commenced its rise with the change of the Regime. In 1991, General Motors opened here production of Opel passenger cars and until the end of millennium Audi and Suzuki started their production here as well. Opel currenty doesn t produce cars and rather focuses on production of engines for foreign markets. In 2012 also German Daimler started to produce its passenger cars Mercedes-Benz nearby the city of Kecskemet. Nowadays Hungarian automotive industry accounts for tens of local and international suppliers. The most important ones are Bosch, which has here the largest production facility in entire Bosch-group, Denso, Knorr-Bremse, Hankook Tire and Continental. The most of the production facilities are concentrated nearby the capital city Budapest. 12

13 Figure 9: Supply chain map of Automotive industry in Source: Invest-export.brussels, The automotive industry in compared to the other V4 countries has the highest ration of Tier 1 and Tier 2 suppliers. Overall portfolie these suppliers covers the production of powertrain units (two Toyota plants, Volkswagen Motor Polska, Fiat Powertrain a GMMP), steering systems (Nexteer Automotive, TRW, Delphi, Mando Corporation), lighting systems (Valeo, Automotive Lightning), car body (Delphi, Valeo, Hutchinson), car body and underbody structures (Gedia, Kirchoff), tyres (Michelin, Bridgestone, Goodyear), car glass (Pilkington, Saint-Gobain Sekurit, PGW), interior parts (Boshoku, Faurecia), seating systems (Faurecia, Sitech, Johnson Controls, Lear Corporation), safety systems (TRW, Autoliv). Approximately 500 companies in have ISO/TS certificate confirming quality management system required by automotive OEMs. Several R&D development centres operating in is a testimonial of high technical potential of Polish staff. Following figure displays map of automotive supply-chain in. It is noticeable that the production is concentrated to the southern part of especially due to proximity to other countries Germany, the and. 13

14 Figure 10: Supply chain map of Automotive industry in Source: Paih.gov.pl, Like in, also the automotive industry in has begun its formation after the collapse of the former regime of Communism. In 1990s German Volkswagen decided to build a production plant for passenger cars nearby Bratislava. Currently, the automotive industry is the main growth engine with approx. 40% share of total industrial production. Supply-chain in accounts for more than 300 different Tier 1 and Tier 2 suppliers and having a great potential of an increase due to new car-brand to produce its vehicles in British manufacturer, Jaguar Land Rover Automotive PLC. This company announced in 2015 the construction of the production plant near Nitra, 100 km from Bratislava. Following figure displays high concentration of the automotive industry in western part of, where are situated the production facilities of Volkswagen, PSA (Peugeot, Citroën) and Jaguar Land Rover. In northern part of the country is located the only production plant for Kia vehicles in Europe. 14

15 Figure 11: Supply chain map of Automotive industry in Source: Sario.sk,

16 Conclusion The article dealt with the significance of the automotive industry in the Visegrád Group countries in comparison with traditional automotive leader, Germany. The analysis acquired from the secondary data uncovered high dependency of national economies on the automotive industry, where especially and Slovak automotive industry shows the highest significance of the automotive industry. Among the others these two countries are showing to be highly influenced by the automotive industry. The automotive industry in general is the upward growth phase at the moment and the countries with strong relationship with automotive industry are experiencing extended growth. This is the situation of the Visegrád Group countries as well, where the automotive industry is highly developed representing the level of at least the European average. The main risk in case of these economies is in the dependency on the automotive industry itself with continuing pressure on cost-reduction and following threat of moving the production facilities to cheaper locations even within the European Union. This risk is even more relevant in case of current situation of the rising salaries due to lack of workers. Another issue is represented by the ongoing situation of economy, which operates at its potential and the economy itself has to face the overheating. In this situation the additional employees are acquired only by fluctuation towards the higher salary leading to cost-push inflation. The author recommends here additional research connected with increasing significance of the automotive industry. It is also worth mentioning the severity of impact in case of moving the production sites abroad. This risk could soar especially with the potential join of new EU members from eastern Europe, for example Ukraine. Appendix Appendix A: List of production plants of the automotive industry in the V4 countries. Country City/Region Jablonec Manufacturer TEDOM Kolin TPCA Koprivnice TATRA Kvasiny Libchavy SOR Mlada Boleslav Nosovice HYUNDAI MOTOR EUROPE Vysoké Myto Esztergom Györ Kecskemet IVECO SUZUKI DAIMLER AG Engine PC LCV HDV Bus Brand Toyota, Peugeot, Citroën Tatra HDV, military vehicles HDVs Skoda Bus Skoda Hyundai Bus Sor Iveco Suzuki Audi Mercedes-Benz 16

17 Komaróm Szentgotthard BYD OPEL GROUP FCA Bielsko-Biala Bolechowo (Poznan) Gliwice JelczLaskowice Niepolomice (Krakow) Polkowice Poznan Poznan Slupsk Starachowice Tychy Tychy Walbrzych Wroclaw FCA OPEL GROUP TOYOTA MOTOR EUROPE VOLVO GROUP Wroclaw Wrzesnia JELCZ Bratislava JAGUAR LAND ROVER PSA PEUGEOT CITROËN HYUNDAI MOTOR GROUP Nitra Trnava Zilina SOLARIS OPEL GROUP TOYOTA MOTOR EUROPE Bus BYD buses electric Fiat, Lancia, Alfa Romeo Bus Solaris Opel/Vauxhall HDVs LCVs Bus Bus Bus MAN Volkswagen Volkswagen MAN Scania MAN, Neoplan Fiat, Lancia, Ford Opel/Vauxhall Bus Volvo Jelcz military vehicles VW VW, Audi, Porsche, Skoda, Seat Jaguar, Range Rover Peugeot, Citroën Kia HDVs LCVs Source: ACEA, 2018 References ACEA Pocket Guide (2018) In ACEA.be. Retrieved May 4, 2018, from Annual non-financial national accounts. (2018) In Gov.pl. Retrieved May 4, 2018, from 1.aspx Automobilový průmysl - Invest. (2018) In invest.org. Retrieved May 4, 2018, from Automotive industry SARIO, Slovak Investment and Trade Development Agency. (2018) In Sario.sk. Retrieved May 4, 2018, from Automotive industry in. (2018) In Invest-export.brussels. Retrieved May 4, 2018, from 17

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